The Federal Reserve Board today released its quarterly Z.1 report on the economy. Net worth of American households and non-profit organizations shrank to $51.5 trillion. This is down $12.9 trillion (20%) from the peak of $64.4 trillion in the second quarter of 2007 and is below the $51.9 trillion figure for 2004. Easy come, easy go.
Skeptic
In the first quarter of 2009, net worth shrank to $50.4 trillion, according to the Feds Z.1 report released today. Meanwhile, the December 31, 2008 value was revised upward from $51.5 trillion to $51.7 trillion.
Skeptic
The report for the second quarter of 2009 is out today. Q1 net worth was revised upward to $51.1 tln, and Q2 is reported at $53.1 tln. The $2 tln increase was entirely in financial assets, and about 80% of the increase was in the market value of equities. Oddly, there were also major upward revisions in the 2008Q4 numbers ($51.5 tln to $52.9 tln) and the 2004Q4 numbers ($51.9 tln to $52.5 tln). Hmmm.